Entering Bank Fee and Interest Charges in Reckon Accounts

Legacy KB ID: 672

Question

How do I enter Bank Fees and Interest Charges into QuickBooks with a tax code assigned?

Answer

A General Journal Entry must be used to record bank fees and interest.

To enter Bank Fees;

  1. Select Company menu > Make General Journal Entries...
  2. Under the 'Account' field select the Expense account used for tracking bank charges (e.g. Bank Fees).
  3. Enter the amount of the bank fees (excluding the tax amount) in the 'Debit' field, followed by the tax code in the 'Tax' field.
  4. Tab to the following line, in the 'Account' field enter your Bank account.
    The 'Credit' field will automatically enter the amount entered into the debit field plus the tax amount.
  5. Tick the 'Input (Purchase)' radio button.
  6. Click 'Save & Close' to record  the Journal Entry.

To enter Interest Earned;

  1. Select Banking menu > Make General Journal Entries...
  2. Under the 'Account' field select an Income account used for tracking interest (e.g. Interest Earned).
  3. Enter the amount of interest earned (excluding the tax amount) in the 'Credit' field, followed by the tax code in the 'Tax' field.
  4. Tab to the following line, in the 'Account' field enter your Bank account.
    The 'Debit' field will automatically enter the amount entered into the credit field plus the tax amount.
  5. Tick the 'Output (Sale)' radio button.
  6. Click 'Save & Close' to record  the Journal Entry.

Need more help?

Ask the Reckon Community at: https://community.reckon.com/

Or Log a Support Ticket: https://www.reckon.com/au/support/

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